As the sun sets on 2018, the dawn of 2019 looks to be shining brighter on some select Melbourne areas. Whilst we don’t have that elusive crystal ball we have been able to scour data from across the board to come up with our top 5 picks for 2019.
The Melbourne property market has seen an arguably inevitable cooling off through 2018, with many experts suggesting there is more to come in 2019.
Whilst it might not yet be the most profitable immediate investment in Australia, there are still a few key spots worth following. The first three may come as no surprise but let’s have a look at where to invest in Melbourne.
No prizes for guessing Number 1 the Melbourne CBD remains home to some of Australia’s most sort after real estate with significant development and a number of infrastructure projects at a state and local level planned to prepare for a large population surge predicted in the next 10 years.
With 6 million people expected to call Melbourne home by 2025, the population increase is pinned to be a powerful counterbalance to the current slide in property values. A number of high ticket hotel and apartment projects are on track for the near future and are sure to be attractive investment prospects.
Lucky Number 2, a dominant force in the Melbourne skylines, Southbank offers numerous hire-rise living options and continues to make a name for itself as a lifestyle hub. With attractive median rental and sale prices Southbank is certain to continue to attract investors.
Third and impossible to leave off is the ever-steady South Melbourne offering several apartment complexes slated for 2019.
Unlike the Sydney and Brisbane markets where apartment saturation are concerning some investors Melbourne’s projected population boom is very likely to keep demand high as we see prices return to former glory over the coming years.
We think it is very likely to be a slow slog and may not be the immediate choice but we are confident within 5 years Melbourne will be back on top.
Moving out for Fourth, iconic Footscray could offer some great potential profits as the sleepy slice of the past suburb is brought into the future with an inevitable upgrade to match it’s high living cousins.
Still at the pre-development stage, Footscray could present the best potential value-for-money investment as investors look to get in before the inevitable citification.
To round out the Five we look to West Melbourne one of the first recipients as the classification of “inner-city” begins to spread from the inner suburbs.
With vacancy rates less than 5 percent throughout 2018 it is an area that comes into the population boom with a high chance of capitalising on demand. The biggest driver for investments is the planned tram extension into the West’s Spencer St, a natural candidate to be the next go to spot for dining, bars and retail.
By no means are these the only locations sure to capitalise on a nation wide population jump, but we at Australian Property come on a first come first served basis, so stay tuned as the situation “develops”.